For those looking to find strong Industrial Products stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Nordson (NDSN) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Industrial Products sector should help us answer this question.
Nordson is a member of our Industrial Products group, which includes 187 different companies and currently sits at #4 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Nordson is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for NDSN's full-year earnings has moved 1% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, NDSN has returned 18.6% so far this year. At the same time, Industrial Products stocks have gained an average of 14.8%. As we can see, Nordson is performing better than its sector in the calendar year.
One other Industrial Products stock that has outperformed the sector so far this year is Tennant (TNC). The stock is up 16.4% year-to-date.
In Tennant's case, the consensus EPS estimate for the current year increased 6.2% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Nordson is a member of the Manufacturing - General Industrial industry, which includes 41 individual companies and currently sits at #56 in the Zacks Industry Rank. This group has gained an average of 4.6% so far this year, so NDSN is performing better in this area. Tennant is also part of the same industry.
Investors with an interest in Industrial Products stocks should continue to track Nordson and Tennant. These stocks will be looking to continue their solid performance.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Nordson Corporation (NDSN): Free Stock Analysis Report
Tennant Company (TNC): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).